NEW YORK — Best Buy Inc. continued its management upheaval Thursday as its founder, Richard Schulze, said he would leave the board earlier than expected.
Schulze, who started the company more than 40 years ago, also said he was looking at ways to sell his 20.1 percent stake in the retailer, worth about $1.3 billion.
It is the latest personnel retreat for the retailer stemming from the abrupt resignation of former chief executive Brian J. Dunn in April. Last month, the board reported that Dunn had had an inappropriate relationship with a female employee. An internal investigation revealed that Schulze had known about the relationship but did not tell the board about it.
Schulze agreed last month to step down as chairman after the company’s annual meeting on June 21 but had said he would continue for another year as a board member.
Instead, Schulze said Thursday he would resign the chairmanship effective immediately and leave the board.
The personnel issues are not Best Buy’s only problems. It lost $1.23 billion in its most recent fiscal year, which ended in March, as Amazon and others snapped up its customers.